Country's largest software firm TCS today said it has agreed to settle a suit filed by two former employees alleging violation of the rights of its non-US citizen workers in the US.NEW DELHI: Indian banking and securities companies will spend Rs 49,900 crore on technology products and services in 2015, an increase of 9.8% over 2014 spend of Rs 45500 crore, according to statement by research firm Gartner.

This forecast includes spending by financial institutions on internal IT (largely personnel), hardware, software, external IT services and telecommunications.

“Established firms in the industry are investing to strengthen their operational infrastructure to support regulatory needs, as well as sustain increasing demands from the digital channels. Moreover, Reserve Bank of India has issued licenses for 11 payment banks and another 10 small finance banks, “said Rajesh Kandaswamy, research director at Gartner.

“These new entrants will grow the IT market by their own technology investments, and also by stimulating the incumbents to invest in technology. India has been upgrading, and increasing, the technology infrastructure that facilitate payments. Banks will take advantage of these by building technology-enabled services on top,” added Kandaswamy.

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